Filed by Vivendi
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: The Seagram Company Ltd.
Commission File No. 1-2275
and
Subject Company: Canal Plus S.A.
Commission File No. 82-2270
October 12, 2000
[CANAL+ LOGO] PIERRE LESCURE
TV AND FILMS GROUP
PRESENTATION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO] IMPORTANT LEGAL DISCLAIMER
- THESE DOCUMENTS CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995. THESE STATEMENTS ARE BASED ON MANAGEMENT'S CURRENT
EXPECTATIONS OR BELIEFS AND ARE SUBJECT TO A NUMBER OF FACTORS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING
STATEMENTS CONTAINED IN THESE DOCUMENTS ADDRESS THE FOLLOWING SUBJECTS:
EXPECTED DATE OF CLOSING THE MERGER; FUTURE FINANCIAL AND OPERATING
RESULTS; AND TIMING AND BENEFITS OF THE MERGER. THE FOLLOWING FACTORS,
AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
DESCRIBED IN THE FORWARD-LOOKING STATEMENTS: THE RISK THAT THE VIVENDI,
CANAL+'S AND SEAGRAM'S BUSINESSES WILL NOT BE INTEGRATED SUCCESSFULLY;
COSTS RELATED TO THE MERGER; FAILURE OF THE VIVENDI, CANAL+ OR SEAGRAM'S
STOCKHOLDERS TO APPROVE THE MERGER; INABILITY TO FURTHER IDENTIFY,
DEVELOP AND ACHIEVE SUCCESS FOR NEW PRODUCTS, SERVICES AND TECHNOLOGIES;
INCREASED COMPETITION AND ITS EFFECT ON PRICING, SPENDING, THIRD-PARTY
RELATIONSHIPS AND REVENUES; INABILITY TO ESTABLISH AND MAINTAIN
RELATIONSHIPS WITH COMMERCE, ADVERTISING, MARKETING, TECHNOLOGY, AND
CONTENT PROVIDERS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE BUSINESS COMBINATION
TRANSACTION REFERENCED IN THE FOREGOING INFORMATION, WHEN IT BECOMES
AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. THE JOINT PROXY
STATEMENT/PROSPECTUS WILL BE FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION BY VIVENDI, CANAL+ AND SEAGRAM. INVESTORS AND SECURITY HOLDERS
MAY OBTAIN A FREE COPY OF THE JOINT PROXY STATEMENT/PROSPECTUS (WHEN IT
IS AVAILABLE) AND OTHER DOCUMENTS FILED BY VIVENDI, CANAL+ AND SEAGRAM
WITH THE COMMISSION AT THE COMMISSION'S WEB SITE AT WWW.SEC.GOV. THE
JOINT PROXY STATEMENT/PROSPECTUS AND THESE OTHER DOCUMENTS MAY ALSO BE
OBTAINED FOR FREE FROM VIVENDI, CANAL+ AND SEAGRAM. INFORMATION REGARDING
THE PARTICIPANTS IN THE PROXY SOLICITATION AND A DESCRIPTION OF THEIR
DIRECT AND INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS
CONTAINED IN THE JOINT PRESS RELEASE RELATING TO THE TRANSACTION FILED
WITH THE COMMISSION BY EACH OF VIVENDI AND SEAGRAM, ON JUNE 20, 2000.
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PIERRE LESCURE
EVI FULLENBACH
DENIS OLIVENNES
RICHARD LENORMAND
CANAL+ GROUP
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+ TODAY:
A PAN-EUROPEAN MULTI-SERVICE TV OPERATOR
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
4 KEY DEVELOPMENT STAGES
---------------------------------------------------------------------------------------------------
1984 1992 1996 2000
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BUSINESS SCOPE Pay TV Pay TV Pay TV Multi-Service TV
---------------------------------------------------------------------------------------------------
TECHNOLOGY Analogue Analogue Digital Digital Interactive
---------------------------------------------------------------------------------------------------
COUNTRIES 1 4 5 11
---------------------------------------------------------------------------------------------------
TV OFFERINGS BY COUNTRY 1 15 34 100
---------------------------------------------------------------------------------------------------
DISTRIBUTION METHODS Single Multiple Multiple Multiple
---------------------------------------------------------------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CONSISTENTLY DELIVERING
STRONG GROWTH IN REVENUES
<TABLE>
<CAPTION>
CAGR +30%
<S> <C>
1985 (EUR) 87 m
1999 (EUR) 3,291 m
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
EBITDA REFLECTING INVESTMENTS
IN NEW BUSINESSES
<TABLE>
<S> <C>
1985 (EUR) (52) m
1999 (EUR) 423 m
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO] AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AN ORGANISATION POSITIONED
ACROSS THE ENTIRE MEDIA VALUE CHAIN...
...GENERATING INTEGRATION BENEFITS AND STRENGTHENING EACH VERTICAL
<TABLE>
<CAPTION>
PRODUCTION DIGITAL TV
AND LIBRARIES PAY-TV INTERNET TECHNOLOGY
------------------ ----------------------- ------------------------- ----------------------
<S> <C> <C> <C>
- STUDIOCANAL - LARGEST EUROPEAN - CANALNUMEDIA - CANAL+ TECHNOLOGIES
PAY-TV OPERATOR
- 5,600 MOVIES - 11 COUNTRIES AND - PARTNERS WITH - 7 MILLION STBs
PLATFORMS VIZZAVI AND VNET DEPLOYED
- 6,000 TV HOURS - OVER 10 MILLION - OVER 30 WEB SITES - ACTIVE IN EUROPE,
SUBSCRIBERS/ US AND ASIA
OVER 14 MILLION
SUBSCRIPTIONS
- 2nd LIBRARY IN
EUROPE
------------------ ----------------------- ------------------------- ----------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+ GROUP DYNAMICS
<TABLE>
<CAPTION>
PRODUCTION AND PROGRAM DISTRIBUTION
RIGHTS LIBRARY PACKAGING
<S> <C> <C> <C>
CANAL+ TV (TERRESTRIAL, S
CHANNELS DTH, CABLE) U R
CONTENT B E
S V
- NEW FILMS INTERNET TECHNOLOGY C E
CONTENT R N
I U
- TV PROGRAMS THEMATIC PC OR MOBILE B E
CHANNELS (VIZZAVI) E S
NARROW/ R
BROADBAND
- LIBRARIES
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PRODUCTION AND RIGHTS LIBRARY
EUROPE'S SECOND LARGEST TELEVISION
AND MOVIE RIGHTS LIBRARY
<TABLE>
<CAPTION>
---------------------------- ------------------------ ---------------------- ------------------------ -----------------------
PRODUCTION AND CO-PRODUCTION THEATRICAL VIDEO/DVD TV MERCHANDISING
DISTRIBUTION DISTIBUTION DISTRIBUTION
<S> <C> <C> <C> <C>
----------------------------
FRANCE, UK, SPAIN, ITALY,
GERMANY
---------------------------- ------------------------ ---------------------- ------------------------ -----------------------
RIGHTS LIBRARY FRANCE FRANCE WORLDWIDE FRANCE
----------------------------
- 2nd LARGEST IN EUROPE UK UK - SALES TO : GERMANY
- 5,600 MOVIES GERMANY GERMANY - PREMIUM CHANNELS
- 6,000 HOURS OF SPAIN SPAIN - MINIPLAY
TV PROGRAMS
BENELUX BENELUX - BASIC
----------------------------
- OVER-THE-AIR
CHANNELS
---------------------------- ------------------------ ---------------------- ------------------------ -----------------------
ACQUISITIONS
-----------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PAY TELEVISION
THE LEADING PAY TV OPERATOR IN EUROPE
<TABLE>
<S> <C>
PRODUCTION DISTRIBUTION
---------------------------------- ------------------------------------------
- 14 Y CHANNELS - SATELLITE 42%
- 25 "IN HOUSE" THEMATIC - OVER-THE-AIR 44%
CHANNELS
- 15 KEY BRANDS - CABLE 14%
- 50 INTERACTIVE SERVICES
---------------------------------- ------------------------------------------
---------------------------------- ------------------------------------------
[CANAL+ LOGO] [CINE CINE MAS LOGO] [CANAL SATELLITE LOGO]
[TELE + LOGO] [CANAL JIMMY LOGO] [D + LOGO] [SATELITE CANAL DIGITAL LOGO]
[SEASONS LOGO] [CLASSICS LOGO] [CYFRA + LOGO] [CANALDIGITAL LOGO]
[PLANETE LOGO]
---------------------------------- ------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PAY TELEVISION
THE CANAL+ GROUP IDENTITY
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
PREMIUM + THEMATIC + PLATFORM
--------------------------------------------------------------------------------
<S> <C> <C>
BLOCKBUSTER MOVIES CINEMA
SPORTS SPORTS
GENERAL ENTERTAINMENT CHILDREN
& NEWS DOCUMENTARIES
GENERAL ENTERTAINMENT
NEWS
MUSIC
--------------------------------------------------------------------------------
[CANAL+ LOGO] [EUROSPORT.COM LOGO] [CANAL SATELLITE LOGO]
[PLANETE LOGO]
[CLASSICS LOGO]
[I TELEVISION LOGO]
[CANAL JIMMY LOGO]
[SEASONS LOGO]
--------------------------------------------------------------------------------
INTERNATIONAL COMPARABLES
--------------------------------------------------------------------------------
[HBO + LOGO] [DISCOVERY CHANNEL LOGO] [ECHOSTAR LOGO]
[SHOWTIME LOGO] [NICKELODEON LOGO] [DIRECTV LOGO]
[ESPN LOGO]
[TCM LOGO]
--------------------------------------------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
INTERNET: PARTNERING
WITH VIVENDINET TO EXPORT ON THE
WEB ALL OF CANAL+'S CONTENT AND BRANDS
<TABLE>
<CAPTION>
WEB PACKAGING OF MULTI FORMATING FOR
CONTENT BRANDED THEMATHIC MULTI DISTRIBUTION
SOURCING PORTALS/SITES
------------------------ ------------------------- ----------------------
<S> <C> <C>
- TV CHANNELS - SPORTS - PC
- RIGHTS
ACQUISITION - MOVIES - TV
- EVENTS
- Y-GENERATION - PDA
- CO-PRODUCTIONS
& PARTNERSHIPS
- CHANNELS - WAP/UMTS
- DATABASES
------------------------ ------------------------- ----------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
TECHNOLOGY
A MAJOR PLAYER IN DIGITAL TECHNOLOGY
<TABLE>
<CAPTION>
INTERACTIVE
SYSTEM APPLICATIONS AND
DEVELOPMENT INTEGRATION RELATED BACK-OFFICE
-------------------------- ------------------------- --------------------------
<S> <C> <C>
- CONDITIONAL ACCESS - DIGITAL BROADCAST CENTER - DEVELOPMENT OF
SOFTWARE: INSTALLATION AND SUPPORT APPLICATIONS
MEDIAGUARD
- CABLE - AUTHORING TOOLS FOR THIRD
- INTERACTIVE TV SOFTWARE: - SATELLITE PARTIES (EUROPE, US, ASIA)
MEDIAHIGHWAY - TERRESTIAL
-------------------------- ------------------------- ---------------------------
-------------------------- ------------------------- ---------------------------
->SET-TOP BOX ->MORE THAN 20 NETWORK ->SOFTWARE HOUSES
MANUFACTURERS OPERATORS WORLDWIDE ->OPERATORS AND CHANNELS
-------------------------- ------------------------- ---------------------------
</TABLE>
----------------------------------------
- 7 MILLION STBS DEPLOYED
- 13 COUNTRIES IN OPERATION
- HALF OF THE CUSTOMERS OUTSIDE THE
GROUP INCLUDING:
ONDIGITAL (UK) ZEE TV (INDIA)
MEDIAONE (USA)
----------------------------------------
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
A EUROPEAN FOCUS
IN ALL OUR BUSINESSES
[GRAPHIC]
<TABLE>
<CAPTION>
NORDIC
FRANCE ITALY SPAIN REGION BENELUX POLAND OTHERS
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PRODUCTION [X] [X] [X] [X] [X] [X] [X]
AND LIBRARIES
---------------------------------------------------------------
PAY-TV [X] [X] [X] [X] [X] [X] [X]
---------------------------------------------------------------
INTERNET [X] [X] [X] [X] [X] [X] [X]
---------------------------------------------------------------
TECHNOLOGY [X] [X] [X] [X] [X] [X] [X]
---------------------------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
A PAN-EUROPEAN FOOTPRINT
14 MILLION SUBSCRIPTIONS IN 11 EUROPEAN COUNTRIES...
... AND SUBSTANTIAL UPSIDE POTENTIAL REMAINS WITH
A CANAL+ AVERAGE PENETRATION OF 11% OF TV HOMES
<TABLE>
<S> <C>
-------------------------------- --------------------------------
BENELUX NORDIC COUNTRIES
TOTAL TV HOMES: 11.1 MILLION TOTAL TV HOMES: 10.4 MILLION
CANAL+ GROUP PENETRATION: 6% [GRAPIC] CANAL+ GROUP PENETRATION: 6%
2-YR CAGR: 10.2% 2-YR CAGR: 25.1%
LAUNCH DATE: 1989 LAUNCH DATE: 1997
-------------------------------- --------------------------------
-------------------------------- --------------------------------
FRANCE POLAND
TOTAL TV HOMES: 22.3 MILLION TOTAL TV HOMES: 12.3 MILLION
CANAL+ GROUP PENETRATION: 24% CANAL+ GROUP PENETRATION: 3%
2-YR CAGR: 8.0% 2-YR CAGR: 62.3%
LAUNCH DATE: 1984 LAUNCH DATE: 1995
-------------------------------- --------------------------------
-------------------------------- --------------------------------
SPAIN ITALY
TOTAL TV HOMES: 12.3 MILLION TOTAL TV HOMES: 20.6 MILLION
CANAL+ GROUP PENETRATION: 15% CANAL+ GROUP PENETRATION: 7%
2-YR-CAGR: 22.3% 2-YR CAGR: 38.4%
LAUNCH DATE: 1990 LAUNCH DATE: 1997
-------------------------------- --------------------------------
--------------------------------
AFRICA
2-YR CAGR: 11.8%
LAUNCH DATE: 1991
--------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
US/EUROPEAN MEDIA WORLDS
CANAL+ OPERATES IN A SIZEABLE MARKET.
EUROPE'S LOW CABLE PENETRATION CREATES A SOLID LEADERSHIP POSITION
<TABLE>
<CAPTION>
(99 YEAR END) TOTAL PAY TV CABLE SATELLITE OVER-THE-AIR
TVHH PENETRATION PENETRATION PENETRATION PENETRATION
(MIL) %
(AS A % OF TOTAL TVHH)
<S> <C> <C> <C> <C> <C>
CANAL+ MARKETS
--------------
FRANCE 22.3 36 13 10 13
ITALY 20.6 10 1 6 3
SPAIN 12.3 20 2 10 8
BENELUX 11.1 90 90
POLAND 12.3 36 34 2
NORDIC COUNTRIES 10.4 56 51 5
COMBINED 87.3 37 26 6 5
--------
CANAL+ MARKETS
--------------
USA 99.4 78 67 10 1
UK 23.9 32 13 17 2
GERMANY 33.4 64 61 3
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
A GROWING SUBSCRIBER BASE
OVER 14 MILLION SUBSCRIPTIONS AS OF 30 JUNE 2000
(SUBSCRIPTIONS IN '000s)
[BAR GRAPH]
<TABLE>
<CAPTION>
CAGR: 15.5%
<S> <C>
1993 5,737
1994 6,407
1995 7,269
1996 8,214
1997 9,479
1998 11,618
1999 13,628
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+'S LOYAL SUBSCRIBER BASE:
LOWEST CHURN IN INDUSTRY
- 7 YEARS average subscription duration
(11 years in France)
[BAR GRAPH]
<TABLE>
<S> <C>
DIRECTV (US) 18.9%
ECHOSTAR (US) 15%
CANAL+ (EUROPE) 14.4%
BSKYB (UK) 10.5%
CANAL+ (FRANCE) 8.8%
</TABLE>
SOURCES: COMPANY AND EQUITY RESEARCH DATA
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
DIGITAL SUBSCRIBER
GROWTH:+137% P.A. SINCE LAUNCH
4.5 million digital subscribers as of June 30, 2000
International
France
<TABLE>
<S> <C>
1996 220
1997 1,226
1998 2,543
1999 4,023
JUNE 2000 4,491
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO] STRONG ARPU LEVERAGE...
Average Monthly Revenue Per Subscriber
...RESULTING FROM A MUCH LARGER PROGRAM AND SERVICES OFFERING ON DIGITAL
OMPARED TO ANALOGUE
<TABLE>
<CAPTION>
EURO 28 EURO 46
<S> <C> <C>
PREMIUM PAY-PER-VIEW
BASIC
PREMIUM
ANALOGUE DIGITAL
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CONSOLIDATED REVENUES
BY BUSINESS SEGMENT
TOTAL 1999 = EURO 3,291 m
<TABLE>
<S> <C>
PAY TV 87%
FRANCE 64%
INTERNATIONAL 23%
PRODUCTION AND
RIGHTS LIBRARY 11%
OTHER ACTIVITIES 2%
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
EBITDA
BY BUSINESS SEGMENT
TOTAL 1999 = EURO 423 m
<TABLE>
<S> <C>
PAY TELEVISION
FRANCE EURO 400 m
PAY TELEVISION
INTERNATIONAL EURO (157)m
PRODUCTION AND
RIGHTS LIBRARY EURO 178 m
OTHER ACTIVITIES EURO 2 m
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
TELE+ :
STRONG UPSIDE POTENTIAL
STILL IN THE EARLY STAGE OF THE J CURVE OF THE PAY TV MODEL
M EURO
[BAR CHART]
Variable Costs
Fixed Costs
Revenues
[BAR CHART]
Subscriptions (000's)
EBITDA (M EURO)
- THE BOTTOM OF THE J CURVE HIT IN 2000
- BEGINNING OF THE UPSWING IN 2001
- BREAKEVEN IN 2003
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PROGRAMMING COSTS CONTAINMENT
- Output deals in 11 European countries with 3 to 6 of the 7 US major studios
- Agreements with the main sports federations (soccer, basketball, boxing,
rugby) in 11 European countries
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
PROJECTED FINANCIALS
2000E
-------------------------------------------------------------
Individual subscriptions (in thousands)
FRANCE 7.0
INTERNATIONAL 8.2
-------------------------------------------------------------
(EURO millions)
REVENUES 3,650
-------------------------------------------------------------
EBITDA 420
-------------------------------------------------------------
CAPEX 740
-------------------------------------------------------------
[VIVENDI UNIVERSAL LOGO]
<PAGE>
<TABLE>
<CAPTION>
[CANAL+ LOGO]
NON CONSOLIDATED ASSETS
------------------------------------------------------------------------------------------------------------------------
OWNERSHIP SUBSCRIPTIONS 1999 1999
REVENUES EBITDA
------------------------------------------------------------------------------------------------------------------------
PAY-TV (30/6/00) (30/6/00) EURO EURO
MILLIONS MILLIONS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NORDIC CANAL DIGITAL 50% 0.33M EURO 67 MIL EURO -29 MIL
SPAIN SOGECABLE 21% 1.79 491 66
PREMIUM 18% 0.90 254 -20
SOGECABLE
SATELLITE
POLAND TKP 33% 0.39 44 -18
CYFRA+ 33% 0.29 6 -19
------------------------------------------------------------------------------------------------------------------------
THEMATIC
------------------------------------------------------------------------------------------------------------------------
EUROSPORT FRANCE 39% 4.0 22 3
INTERNATIONAL 50% 32.1 153 14
MULTITHEMATIQUES 27% 18.1 118 -19
------------------------------------------------------------------------------------------------------------------------
TV
PROGRAMS
------------------------------------------------------------------------------------------------------------------------
EXPAND 29% - 17* 36*
------------------------------------------------------------------------------------------------------------------------
INTERNET
------------------------------------------------------------------------------------------------------------------------
CANEL 50% - 2* -16*
NUMEDIA
------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Figures for first half 2000
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO] KEY BUSINESS DRIVERS
Quality of Product
Subscriber Base
Revenue Base ====> Strength of Brand
Growth ====>
ARPU ====> Analogue/Digital Conversion
Interactive Services
Own-production/Coproduction
Cost Programming ====> Acquisitions
Containment ====>
Subscriber ====> Churn Management
Acquisition
Competition
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
KEY TRENDS FOR CANAL+ GROUP
- SUSTAINED GROWTH AND IMPROVING PROFITABILITY FOR THE COMING YEARS
- CASH FLOW BREAK-EVEN EXPECTED IN 2002
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
2000-02 CAGR
--------------------------------------------------------------------------------
<S> <C>
SUBSCRIPTIONS 10%
--------------------------------------------------------------------------------
REVENUES >10%
--------------------------------------------------------------------------------
EBITDA 35% to 40%
--------------------------------------------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AGENDA
- CANAL+ GROUP
- KEY DEVELOPMENT STAGES
- THE CANAL+ BUSINESSES
- A CLOSE-UP ON PAY-TV
- KEY FINANCIALS
- UNIVERSAL STUDIOS GROUP
- VIVENDI UNIVERSAL'S TV AND FILMS DIVISION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: A NATURAL FIT
- 50% OF STUDIO REVENUES ARE GENERATED BY TV CHANNELS
- 40% OF TOTAL CHANNEL PROGRAMMING CONSISTS OF MOVIES
<TABLE>
<S> <C> <C> <C>
[UNIVERSAL LOGO] PRODUCTION/ PACKAGING
DISTRIBUTION CHANNELS
PROGRAMS
---------------------------------------------------------------------------------------------
CANAL+ PRODUCTION/ PACKAGING DISTRIBUTION
DISTRIBUTION CHANNELS PLATFORMS
PROGRAMS
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
EXAMPLE: THEMATIC CHANNELS
A COMPLEMENTARY FOOTPRINTS
WITH POTENTIAL FOR GEOGRAPHIC EXPANSION
OVER 43 MILLION TV HOUSEHOLDS RECEIVE
CANAL+ AND UNIVERSAL THEMATIC CHANNELS
<TABLE>
<CAPTION>
CANAL+ GROUP [UNIVERSAL LOGO]
<S> <C> <C>
FRANCE X X
ITALY X X
SPAIN X X
BENELUX X
NORDIC REGION X
POLAND X
GERMANY X X
U.K. X
LATIN AMERICA X
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
EXAMPLE: A POWERFUL COMBINATION
OF RIGHTS LIBRARIES
<TABLE>
<CAPTION>
[STUDIO CANAL LOGO] [UNIVERSAL LOGO]
<S> <C> <C> <C>
NUMBER OF TITLES 5,600 4,000
+
TV HOURS 6,000 24,000
</TABLE>
FILM LIBRARY BY COUNTRY OR ORIGIN
<TABLE>
<S> <C>
US 54%
EUROPE 45%
OTHER 1%
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: INTEGRATION
TO FUEL THE PAY-TV VIRTUOUS CIRCLE
SUBSCRIBER BASE
AND ARPU GROWTH
INCREASE CUSTOMER
INTEREST FOR
CANAL+/UNIVERSAL REVENUE GROWTH
PRODUCTS AND
SERVICES
DEVELOPMENT OF
CONTENT, NEW
PRODUCTS AND
INTERACTIVE SERVICES
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: INTEGRATION
FOR EFFICIENCY AND RATIONALISATION
<TABLE>
<CAPTION>
OPERATING COSTS PURCHASING IT OVERHEADS
EXAMPLES EXAMPLES EXAMPLES EXAMPLES
<S> <C> <C> <C>
Acquisitions: centralize - DVD, VHS - data center - Overlap VU/
program acquisitions teams CANAL+ Group
and align strategies - magazines - WAN
- Overlap CANAL+/
Technical operations: - PC Universal
consolidate broadcast and - print
TV "back-office" functions, - SAP - global reengineering
centralise sourcing of of systems processes
materials (film, - marketing - application and support
processing...), merge rights functions
and royalty management - travel developments
Distribution: consolidate - fleet
video and film distribution
efforts
Technology costs: use CANAL+
Technologies for Universal's
development in content
control and digital rights
management
Internet development costs:
sharing investments in content,
developing B-to-B extranet
using Universal model,
leverage CANAL+'s web
development infrastructures
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: INTEGRATION
FOR EFFICIENCY AND RATIONALISATION
<TABLE>
<S> <C> <C> <C>
OPERATING PURCHASING I.T. OVERHEADS
COSTS
COST SAVINGS OF EURO 60-80
MILLION P.A. OVER THE
NEXT THREE YEARS
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: INCREASING REVENUES
THROUGH CROSS-FERTILISATION
<TABLE>
<S> <C>
INCREASE EXISTING "IN-HOUSE" INTEGRATION OF
REVENUE STREAMS EXTERNALISED FUNCTIONS
EXAMPLES EXAMPLES
-------- --------
- Broadcasting: launch and - Studio: Universal Pictures
promote USG channels across all International Video to
CANAL+ platforms manage all CANAL+/USG
video distribution
- Studio: cross promote all USG
films, videos, and products across - Internet: CANAL NUMEDIA
CANAL+ subscriber base and to develop all USG web
media platforms (channels, sites
magazines...)
- Internet: develp e-commerce of
all CANAL+ and USG products
across all CANAL+ and USG
portals (ex. virtual theme park)
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: INCREASING
REVENUES THROUGH CROSS-FERTILISATION
ENHANCING IN-HOUSE
EXISTING INTEGRATION OF
REVENUES EXTERNALISED
FUNCTIONS
REVENUE INCREASES ESTIMATED AT AROUND
EURO 450 MILLION P.A. OVER THE NEXT FEW
YEARS GIVING AN EBITDA IMPACT IN THE
RANGE OF EURO 50 MILLION
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL: CREATING NEW
BUSINESS AND NEW REVENUE STREAMS
EXAMPLE: CREATING A LEADING VIDEO ON DEMAND OPERATOR
<TABLE>
<S> <C> <C> <C>
CONTENT TECHNOLOGY DISTRIBUTION A LEADING VOD
OPERATOR
-------------------- --------------------------- ----------------- --------------------------
[STUDIO CANAL PHOTO] [VIZZAVI PHOTO] - IN 2005, BROADBAND
[UNIVERSAL PHOTO] [CANAL+ TECHNOLOGIES PHOTO] PENETRATION ESTIMATED
[HYPNOTIC PHOTO] AT 20-30% OF EUROPEAN
- ACCESS CONTROL CANAL+ AND TV HOMES AND 35% IN THE
- LIBRARY OF 9,600 - INTERACTIVE USG WEBSITES US; TOTAL VOD MARKET
MOVIES APPLICATIONS POTENTIAL OF $2.2 BN
- APPROX. 40 NEW - POTENTIAL MARKET
FILMS P.A. FROM SHARE OF 15-20% IN
WHICH 10 TO 15 EUROPE FOR CANAL+/
EUROPEAN FILMS UNIVERSAL'S VOD
PLATFORM
- SHORT FILMS --------------------------
LIBRARY
-------------------- --------------------------- -----------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO] CANAL+/UNIVERSAL: CREATING
NEW BUSINESS
EXAMPLE: CREATING A LEADING MOVIE PORTAL FOR PROFESSIONALS AND CONSUMERS
<TABLE>
<S> <C> <C> <C>
CONTENT SERVICES DISTRIBUTION A LEADING MOVIE
PORTAL
-------------------- --------------------------- ---------------
[STUDIO CANAL PHOTO] - A UNIQUE
[UNIVERSAL PHOTO] [CANAL+ TECHNOLOGIES PHOTO] CANAL+ AND PROMOTION AND
USG SALES PLATFORM FOR
WEBSITES CANAL+/USG AND
VIVENDI UNIVERSAL
- ONE OF THE ALLOCINE.FR (UMG OR HAVAS)
WORLD'S MOST MEDIA PRODUCTS:
EXTENSIVE TICKETMASTER FILMS, VIDEOS,
AUDIOVISUAL DVDS, CDS...
RIGHTS
DATABASES - 3-YEAR TARGET OF 4
WORLDWIDE TO 5 MILLION
VISITORS IN EUROPE
-------------------- --------------------------- ---------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL:
EXTENDING NEW MARKETS
VOD/PORTAL
[MAP GRAPHIC]
[CANAL+ PHOTO]
[UNIVERSAL PHOTO]
VOD/PORTAL
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
INTEGRATION INTO VIVENDI UNIVERSAL:
THE MEDIA CROSS FERTILIZATION
- EXCHANGING CONTENT IS A KEY DRIVER OF REVENUE SYNERGIES
<TABLE>
<S> <C> <C>
MUSIC
CD SALES
PPV FEES MOVIE SOUNDTRACKS
TV ENTRANCE TICKETS THEME
TV AND SUBSCRIPTIONS REVENUE MERCHANDISING PARKS
FILMS RIGHTS STREAMS
ENTRANCE TICKET
SALES OF SPECIALIZED ADVERTISING
MAGAZINES
SALES OF VIDEO GAMES
PUBLISHING & INTERNET
ENTERTAINMENT
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
CANAL+/UNIVERSAL NEW DISTRIBUTION TOOLS [VOD, VERTICAL PORTAL,...] TOGETHER
WITH NEW GENERATION OF SET TOP BOXES WILL GENERATE VALUE ENHANCING SYNERGIES.
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
TODAY, EXISTING INTERACTIVE SERVICES
ALREADY ATTRACT SUBSCRIBERS
- 90 % OF SUBSCRIBERS USE INTERACTIVE SERVICES
- 66 % OF SUBSCRIBERS CONNECT THEIR SET-TOP-BOXES TO THE PHONE NETWORK
- 10 MILLION VISITS A MONTH TO THE INTERACTIVE WEATHER SERVICE
- 2.2 MILLION GAMERS A MONTH
- 1 MILLION PPV ORDERS A MONTH
- UP TO 25 BOUTIQUES OFFERED IN THE VIRTUAL MALL BEFORE THE END OF THE YEAR
- 25,000 BETTING ACCOUNTS ON HORSE RACES OPENED SINCE THE LAUNCH OF THE SERVICE
(MID-APRIL 2000)
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
TOMORROW'S SET TOP BOX:A CATALYST
OF CONVERGENCE BETWEEN TV AND INTERNET
<TABLE>
<CAPTION>
<S> <C>
--------------------------- ----------------------------------
Specifications Display
------------------------------- ----------------------------------
- 2 input tuners - PC-type graphics
- Hard disk drive (30 Go) - High-quality TV(picture and
sound)
- Extended Memory (56 Mb)
- Simultaneous display of
- High-speed modem (56 K) graphics and video
-------------------------------
- 5 graphics panels:
background, still-picture,
video, graphic and cursor
----------------------------------
[VISA/AMERICAN EXPRESS PHOTO]
----------------------------------
Capabilities
----------------------------------
- Virtual Video on demand
------------------------------
Connectivity - Audio recording and replay
------------------------------
- PC and all peripherals - Time shifting/VCR
(printer, scanner, camera)
- Copyright protection
- Video and audio peripherals
(DVD, MP3, camcorders...)at - Interactive services
high speed
- Web acess and navigation
- ADSL Modem
------------------------------ - Secured payment
- Video games
----------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
<TABLE>
<CAPTION>
[CANAL+ LOGO]
NEW REVENUE STREAMS
FUELLING ARPU GROWTH
--------------------------- ------------------------------------------------------
<S> <C>
- Advertising banners
Advertising - Transaction fees on purchase leads
- Share of telephone airtime
--------------------------- ------------------------------------------------------
- Revenues from purchases
E-Commerce - Transaction fees (banking, betting...)
- Share of telephone airtime
--------------------------- ------------------------------------------------------
Audio, - Fees per program
VOD and Gaming - Usage time fees (network gaming)
- Share of telephone airtime
--------------------------- ------------------------------------------------------
- Incremental and monthly fees for access to some
Subscriptions interactive or Personal Video Recording services
--------------------------- ------------------------------------------------------
- Wholesale
- Retail
Consumer - PVRs
Appliances - Gaming consoles
- Interactive applications
--------------------------- ------------------------------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
STRONG ARPU POTENTIAL
- REVENUES GENERATED FROM WALLED GARDEN AND THROUGH VIZZAVI SERVICES AND
PRODUCTS AVAILABLE ON THE G2 SET TOP BOXES, ESTIMATED AT AN ADDITIONAL
EURO 10-EURO 30 PER USER PER MONTH
<TABLE>
<CAPTION>
A RANGE OF 56 EURO TO 76 EURO
EURO 28 EURO 46
<S> <C> <C>
PREMIUM PAY-PER-VIEW G2
ANALOGUE BASIC PAY-PER-VIEW
PREMIUM BASIC
DIGITAL PREMIUM
</TABLE> MULTISERVICE
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
INTEGRATION INTO VIVENDI UNIVERSAL:
INCREASING EXISTING REVENUES
<TABLE>
<CAPTION>
-------------------- -------------------- --------------- ------------------------
Multimedia Multi
publishing In-house Cross products
and Licensing talent pool Promotion Multi
distribution
-------------------- -------------------- --------------- ------------------------
<S> <C> <C> <C>
Movie Music artists Music Shelf space
(Music, Film, Sports)
Soundtrack Film production Sports
-------------------- VIZZAVI
Game Programming +
Animated and assets G 2 Set Top Box
Marchandising Characters --------------- (downloading and
Music, TV and storage)
New Park attractions Films Content +
(ex the Gladiator, Games Sub Magazine
Jurassic Park) TV theaters
-------------------- Prints + -----------------------
Coordination Web Multi product retailors
licensing for all Theme Park + (Packaging offers)
media Print
+
Parks
-------------------- -------------------- -------------- ------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
{CANAL+ LOGO]
INTEGRATION INTO VIVENDI UNIVERSAL:
NEW REVENUES AND BUSINESSES
<TABLE>
<CAPTION>
-------------------------------- ----------------------------------- ---------------------------------------
Customer loyalty International New products
expansion and services
-------------------------------- ----------------------------------- ---------------------------------------
-------------------------------- ----------------------------------- ---------------------------------------
<S> <C> <C>
- Export portals and ticketing - Virtual theme parks and
- Group wide program (clubs concepts Studios
foot, music, student) (Allo Cine-Movie - Sport) (games, Education, Picture)
- In-house products as --------------------- --------------------------------
rewards Europe + US Web
(CD - DVD) --------------------- --------------------------------
- Export Farm Club - Music, sports, games...
- Card Program Concept
(Sub + ticketing) (Canal+ VIZZAVI)
- Escalating discount for --------------------------------
multiple product --------------------- E commerce
Europe --------------------------------
--------------------- (Vizzavi+ Canalsat + canalplus.fr)
- Marchandising
Low churn rate close to ---------------------------------------
CANAL+ level ---------------------
-------------------------------- Europe + US
---------------------
-----------------------------------
</TABLE>
[VIVENDI UNIVERSAL LOGO]
<PAGE>
[CANAL+ LOGO]
AN INTEGRATED COMPANY...
...bringing together the best of two worlds and
spanning 4 businesses
-----------------------
Vivendi-Universal
TV/Film Division
-----------------------
<TABLE>
<CAPTION>
-------------------- ------------------- ----------------------- ----------------------------
Production/library PAY TV Internet Technology
-------------------- ------------------- ----------------------- ----------------------------
<S> <C> <C> <C>
[UNIVERSAL LOGO] [13TH STREET LOGO] [UNIVERSALONLINE*COM LOGO]
[STUDIO UNIVERSAL
LOGO]
[SCI-FI LOGO]
------------------------------------------------------------------------------------------------
[STUDIO CANAL LOGO] [CANAL+ LOGO] [CANAL E LOGO] [CANAL+ TECHNOLOGIES LOGO]
[CLASSICS LOGO]
[SEASONS LOGO]
[PLANETE LOGO]
[CANAL JIMMY LOGO]
[I TELEVISION LOGO]
</TABLE>
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